The booming podcast industry and how brands can benefit
Spotify Technology SA is rolling out new ways for podcasters to make money from their shows, stepping up efforts after a recent move by Apple Inc. to attract talent to its platform.
The Stockholm-based company debuted a feature Tuesday that lets podcasters mark episodes as only for subscribers. Users can then keep 100 per cent of the revenue they get over the next two years, with a 5 per cent fee coming in 2023. The option will be available in the U.S. to start, and then in other countries in the following months.
The audio-streaming company also is launching an open-access platform that lets podcasts with content on other services share their material on Spotify. And it looks to make it easier for customers to find advertisers for their shows with a new ad marketplace called the Spotify Audience Network.
The rollout follows Apple’s announcement this month that it would let podcasters charge for their programs on its app, with the company taking a 30 per cent cut. The tech giant has been trying to get more of its revenue from services, which brought more than US$50 billion in its last fiscal year.
The move also comes with Cupertino, California-based Apple set to face a European Union antitrust complaint as soon as this week, escalating a probe into Spotify’s allegations that App Store rules are unfair, according to a person familiar with the case.